Rate Trends
Used Auto Loan Rates
What is a Used Car Auto Loan?
Usually, the advertised rates that you see for auto loans are for new cars only. That's because with a new car, the value is known and widely accepted. That's not the case with used cars because its value can be a bit harder to pinpoint. Since auto loans are secured by the value of the car, lenders will often charge a slightly higher rate for used car loans.
How to Read the Average Rate Chart?
Our data is made up of different rates from hundreds of lenders nationwide. Our rates are broken out into 3-year, 4-year, and 5-year averages. Historically, longer terms loans have higher interest rates. However, depending on marketing conditions, it may not always be the case.
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